Homefield Mortgage Rates, Fees & Info
Grafton, MALEI: 5493003FTQTUEICOS793
Tax ID: 04-2393313
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Mortgage Data
Review & Overview
Homefield is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Homefield has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, and Springfield among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Homefield has an average approval rate when compared to the average across all lenders. Homefield is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.59% | 12/16/24 |
| 30 Year Conventional Refi | 5.75% | 12/16/24 |
| 30 Year Cash-out Refi | 5.88% | 12/16/24 |
| 15 Year Conventional Purchase | 5.83% | 12/16/24 |
| 15 Year Conventional Refi | 6.04% | 12/16/24 |
| 15 Year Cash-out Refi | 6.04% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Homefield Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
36Origination Dollar Volume (All Markets)
$10,250,000Awards
HOMEFIELD - 2022
HOMEFIELD is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 28 | $6,390,000 | $228,214 | $3,261 | 3.66% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $1,950,000 | $487,500 | $3,681 | 3.03% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,585,000 | $528,333 | $6,319 | 3.06% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,354 | 2.75% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against HOMEFIELD based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $10,250,000 | $284,722 | $3,554 | 3.51% |
For 2022, Homefield's most frequently originated type of loan was Conventional, with 36 originations.
Loan Reason
For 2022, Homefield's most frequently cited loan purpose was Cash Out Refi, with 18 originations. The 2nd most popular reason was Home Purchase, with 14 originations.
Loan Duration/Length
For 2022, Homefield's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 21 | $7,915,000 | $376,905 |
| $1k-2k | 2 | $470,000 | $235,000 |
| $3k-4k | 2 | $510,000 | $255,000 |
| $5k+ | 2 | $710,000 | $355,000 |
Homefield's average total fees were $3,516, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $3,570,000 | $297,500 |
| 4-5% | 11 | $1,375,000 | $125,000 |
| 2.5-3% | 10 | $4,230,000 | $423,000 |
| <2.5% | 3 | $1,075,000 | $358,333 |
During 2022, Homefield's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 12 originations.
Loan Sizing
2022 saw Homefield place emphasis on $200k-400k loans with 9 originations, totaling $2,655,000 in origination value.
Applicant Income
Homefield lent most frequently to those with incomes in the $150k-250k range, with 9 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 37% | 1 | $435,000 | $435,000 | $3,760 | 3.50% |
| 39% | 1 | $55,000 | $55,000 | $0 | 4.50% |
| 47% | 1 | $485,000 | $485,000 | $3,805 | 4.99% |
Homefield lent most frequently to those with DTI ratios of 37%, with 1 originations. The next most common DTI ratio? 39%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.09%
Homefield has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 36 | $10,250,000 | $284,722 |